SBI Card Fees and Charges (Full List) 2023: Applying for SBI credit card, or SBI Card, is much simpler these days. Most people apply for the SBI Card because of several benefits. However, there are many fees and charges that you should know before applying for an SBI credit card. As per the rules, the SBI Card is required to communicate details related to fees and charges to the customer when they apply for the card.
Following are the fees and charges levied on the SBI Credit Card:
The annual fee is a one-time charge. Customers have to pay a certain amount as an annual fee to the SBICPSL (State Bank of India Cards and Payment Services Limited) for using the SBI Credit Card. The annual fee will be charged directly to the cardholder account and will reflect in the card statement of the month.
The renewal fee is charged every year. This may vary from one customer to another and for different card variants.
Also Read: How much can you spend with Credit Card without attracting Income Tax scrutiny?
Cash Payment Fees
SBI cardholders can pay their dues at select branches of the State Bank of India (SBI) by paying a service fee of Rs 250+ applicable taxes. For this, they have to mention their credit card number and amount in pay-in-slip and deposit the same at the branch counter. After depositing the payment, the cardholders will be provided with an acknowledgement receipt.
However, no fee is applicable for the KVB SBI Cardholders paying their dues at select branches of Karur Vysya Bank (KVB).
Cash Advance Fees
SBI Card charges a transaction fee of 2.5% of Rs 500, whichever is higher at domestic and international ATMs for cash withdrawal using the credit card.
Interest-Free Grace Period
The Interest-Free Grace Period could range from 20 to 50 days subject to the submission of claims by the merchant. The interest-free credit period is applicable only if the customer has cleared the last month’s balance.
In case the customer doesn’t pay his balance in full, SBI cardholders have to pay the finance charges at the monthly interest rate on all transactions including unpaid EMI instalments. On cash advances taken by the cardholder, finance charges apply till they are paid back.
Currently, the finance charges are up to 3.50% per month (42% per annum) from the transaction date.
Late Payment Charges (LPC)
LPC is applicable if the SBI cardholder fails to make the due payment in time. For example, if the outstanding amount is greater than Rs 500 and less than Rs 1000 then LPC will be Rs 400. For outstanding amounts of more than Rs 1000 and up to Rs 10,000, the lPC will be Rs 750. For an outstanding amount of Rs 10,001 to Rs 25,000, the LPC is Rs 950.
If the outstanding amount exceeds the SBI card limit, then an overlimit fee will be levied, which is equal to 2.5% of the Overlimit amount or Rs 600, whichever is higher.
Also Read: Four credit traps you should know to help safeguard your credit profile
Payment Dishonor fee
For this, the SBI cardholders will have to pay a fee of 2% of payment amount subject to minimum charges of Rs 500.
In case of card replacement, due to loss, theft or damage, the customer has to pay a charge of Rs 100 to Rs 250 (Rs 1500 for Aurum).
Foreign Currency Transaction fee
The Foreign Currency Transaction fee for all card users is 3.5%, however, for Elite and Aurum Cardholders, the transaction charge is 1.99%.
(Disclaimer: The above content is for information purposes only based on the details available on the SBI Card website. Please read all card details before applying)